The Resurrection Project, a community development organization based in Chicago's Pilsen neighborhood, and Durham, N.C.-based Self-Help Federal Credit Union said Monday they've agreed to pay $59 million to the Federal Deposit Insurance Corp. for the mortgages, which have a face value of $141 million, valuing the portfolio at 42 cents on the dollar.

The outcome is good news for the borrowers, many of whom are undocumented immigrants who make their mortgage payments in cash. Second Federal, which catered almost exclusively to Latinos and was a pioneer in lending to undocumented immigrants with taxpayer identification cards, failed in July. A unit of Rosemont-based Wintrust Financial Corp. acquired Second Federal's deposits at the time but didn't bid for the loans, leaving borrowers to worry that a profit-motivated buyer would foreclose on many of them.

Resurrection Project and Self-Help have pledged to keep as many families as possible in their homes.

“The mission of both TRP and Self-Help is to build healthier communities,” added Resurrection Project CEO Raul Raymundo in the release. “But to do so we need to also thwart the deterioration of our neighborhoods. With the acquisition of these loans, we will be helping hundreds of families remain in their homes.”